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323279445077California has surpassed UK’s economy becoming the world’s fifth-largest economyhttp://newscult.com/california-surpassed-uks-economy-becoming-worlds-fifth-largest-economy/
Sat, 05 May 2018 22:48:48 +0000http://newscult.com/?p=216063According to new federal data, California’s economy has become the world’s fifth largest economy beating United Kingdom’s. The last time California held the fifth place, was in 2002. From 2016 to 2017, California’s GDP rose by $127 billion surpassing $2.7 trillion. However, in the meantime, United Kingdom’s economic output dropped when measured in U.S. dollars […]

However, in the meantime, United Kingdom’s economic output dropped when measured in U.S. dollars because of fluctuations in exchange rate.

The data displayed the extent of California’s economy which is mostly concentrated in the coastal areas like San Jose, San Francisco, San Diego and Los Angeles. It has approximately 40 million people, a flourishing agriculture sector, prosperous technology sector in Silicon Valley, and the world’s entertainment hub in Hollywood, all these sectors contribute to California’s higher Gross Domestic Product except agriculture.

Lee Ohanian, an economics professor at UCLA said in an email, “The non-coastal areas [of California] have not generated nearly as much economic growth as the coastal areas.”

Although California has 12% of the U.S. population, between 2012 and 2017, it contributed to 16% of the country’s job growth.

Ohanian also said that compared to other developed economies, California’s robust economic performance is due to its worker productivity.

]]>216063Amazon CEO Faces Protest in Berlinhttp://newscult.com/amazon-ceo-faces-protest-berlin/
Fri, 27 Apr 2018 19:56:32 +0000http://newscult.com/?p=215970Jeff Bezos, the CEO and founder of Amazon was in Berlin, Germany to accept an innovation award in the country’s capital. Mr. Bezos was met by about 450 Amazon employee’s, who are all a part of a large union called Verdi. The union members united outside of the offices of publisher Axel Springer, where Bezos […]

]]>Jeff Bezos, the CEO and founder of Amazon was in Berlin, Germany to accept an innovation award in the country’s capital. Mr. Bezos was met by about 450 Amazon employee’s, who are all a part of a large union called Verdi. The union members united outside of the offices of publisher Axel Springer, where Bezos was to accept the award.

Workers could be seen outside of the office holding signs reading “Make Amazon Pay.” Employees from Italy and Poland were also in attendance. Frank Bsirke, a boss of the Verdi union was quoted saying, “ We have a boss who wants to impose American working conditions on the world and takes us back to the 19th century.” The unions has been a constant pain for the global giant, organizing numerous strikes that demanded better working conditions and increased pay.

Bezo took a defensive stance on Amazon’s worker pay and working conditions, saying he was “very proud of our working conditions and I am very proud of our wages that we pay.”

]]>215970Mark Zuckerberg has been told to draft a new user agreement to ensure transparencyhttp://newscult.com/mark-zuckerberg-told-draft-new-user-agreement-ensure-transparency/
Wed, 25 Apr 2018 19:26:48 +0000http://newscult.com/?p=215948Mark Zuckerberg’s interrogation with the US senate has resulted in him providing the customers with a more comprehensible Facebook user agreement. Or, as Senator John Kennedy put it: “Here’s what everyone’s been trying to tell you today – and I say it gently – your user agreement sucks. The purpose of a user agreement is […]

Mark Zuckerberg’s interrogation with the US senate has resulted in him providing the customers with a more comprehensible Facebook user agreement. Or, as Senator John Kennedy put it: “Here’s what everyone’s been trying to tell you today – and I say it gently – your user agreement sucks. The purpose of a user agreement is to cover Facebook’s rear end, not inform users of their rights.”

Zuckerberg replied by saying, “I would imagine probably most people do not read the whole thing, but everyone has the opportunity to and consents to it.” The Senator was not pleased and asked him to rewrite it and said, “tell your $1,200 dollar an hour lawyer you want it written in English, not Swahili, so the average American user can understand.”

]]>215948Shoppers have been told to avoid romaine lettuce in america due to E. coli outbreakhttp://newscult.com/shoppers-told-avoid-romaine-lettuce-america-due-e-coli-outbreak/
Wed, 25 Apr 2018 19:24:12 +0000http://newscult.com/?p=215944E.coli, the usual friendly bacteria residing in human intestines showed their hostile side by causing an outbreak, sickening people across many US states. The infection affected a total of 53 people in 16 states with at least 31 cases of hospitalization including five of kidney failure. No fatalities were reported. The Centers for Disease Control […]

E.coli, the usual friendly bacteria residing in human intestines showed their hostile side by causing an outbreak, sickening people across many US states. The infection affected a total of 53 people in 16 states with at least 31 cases of hospitalization including five of kidney failure. No fatalities were reported.

The Centers for Disease Control and Prevention (CDC) on Friday advised that the heads and hearts of romaine lettuce, the detrimental source of this pathogenic E. coli, native to the Yuma region of Arizona, should be avoided.

The source of these nasty bacteria was confirmed when certain people at an Alaska correctional facility recently reported feeling ill after eating romaine lettuce that was traced back to lettuce heads harvested in Yuma. The CDC even warned shoppers of romaine lettuce not to use any if they were doubtful about the source.

Another weird case of E.coli infection was reported by a 66-year-old woman who was recently sickened by the pathogen allegedly after eating Panera bread at a restaurant in New Jersey. The Washington Post reported she was diagnosed with hemolytic uremic syndrome, a life-threatening illness after experiencing abdominal pain within days of eating the lettuce. She eventually filed a lawsuit against the Panera bread chain.

The CDC has further reported 12 cases in Pennsylvania and 10 cases in Idaho and the number of cases have been on the rise.

]]>215944Walmart Trying to Join the #MeToo Movement is the Most Pathetic Thing Everhttp://newscult.com/walmart-trying-join-metoo-movement-pathetic-thing-ever/
Wed, 28 Mar 2018 14:15:04 +0000http://newscult.com/?p=215140Go home, Walmart, you’re doing it wrong. As you know, the #MeToo movement is everywhere right now and is seems as though everyone is on board. Both men and women alike are urging those who have experienced sexual assault, misconduct, or harassment to speak out and tell their story. The #MeToo movement is about empowering […]

As you know, the #MeToo movement is everywhere right now and is seems as though everyone is on board. Both men and women alike are urging those who have experienced sexual assault, misconduct, or harassment to speak out and tell their story.

The #MeToo movement is about empowering women, but clearly Walmart didn’t get the memo.

On Tuesday, Walmart and The National Center on Sexual Exploitation (NCOSE) announced that Cosmopolitan magazine will no longer be in checkout lines in 5,000 Walmart locations.

NOPE. WRONG.

The NCOSE says minors should be protected against “sexually explicit material,” especially when women are fighting against sexual harassment.

WOMEN AREN’T RESPONSIBLE FOR SOMEONE ELSE’S ACTIONS, WALMART!

As NCOSE Executive Director Dawn Hawkins said in the statement, “[Cosmo] places women’s value primarily on their ability to sexually satisfy a man and therefore plays into the same culture where men view and treat women as inanimate sex objects.”

Women are allowed to talk about sex. They’re allowed to explore their bodies. And most importantly, they’re allowed to do those things without fear of being sexually harassed for it.

Walmart, you need to talk to somebody because this isn’t good marketing.

]]>215140U.S. and South Korea Agrees on New Revamped Trade Dealhttp://newscult.com/u-s-south-korea-agrees-new-revamped-trade-deal/
Mon, 26 Mar 2018 17:10:18 +0000http://newscult.com/?p=214740After months of starting talks between the two countries, aimed at renegotiating Korus, which is the United States-Korea Free Trade Agreement, the South Korean government on Monday announced that they had struck a new version of the trade deal. Last year, President Donald Trump criticized the existing trade deal between the two countries, calling it […]

After months of starting talks between the two countries, aimed at renegotiating Korus, which is the United States-Korea Free Trade Agreement, the South Korean government on Monday announced that they had struck a new version of the trade deal.

Last year, President Donald Trump criticized the existing trade deal between the two countries, calling it “horrible” and a “job killer” and, since taking office, had announced his intention to renegotiate or terminate the treaty altogether, which had raised fears that it could cause discord between the two countries. South Korea is one of the United States’ closest allies in Asia and its sixth biggest trading partner, and the trade in goods and services between the two countries has soared, with last year totaling near $150 billion.

Now, after talks of renegotiation which began in January, officials from both countries said that the two sides reached an agreement on the key points. Krystal Tan, an Asia economist at research firm Capital Economics, reported to her clients saying that the concessions South Korea has agreed to “will have a very small impact on its economy.”

Under the new version of Korus, U.S. automakers will have more access to the South Korean market, shipping more cars to the United States from South Korea to make up the $23 billion annual trade deficit between the two countries. According to U.S. government figures, the United States imported $16 billion worth of South Korean passenger car vehicles but sent just $1.5 billion worth in the other direction. U.S. automakers have previously complained they are put at disadvantage because of having to yield to South Korean rules. Troy Stangarone, a Washington-based think tank and a senior director at the Korea Economic Institute of America, said the results of this renegotiation is good for U.S. automakers, and for South Korea, as South Korea does not have to open up its agricultural industry to U.S. imports. Moreover, Stangarone said that the two countries agreeing to the changes of the deal has put “a potentially divisive issue off of the table” as they now shift their focus on talks with North Korea and its nuclear programs.

South Korea’s Trade Ministry said that the new version of the deal will allow U.S. automakers to import 50,000 vehicles annually, doubling the previous quota. The new agreement has also got South Korea to secure a partial exemption from Trump’s new tariffs on steel and aluminum, permanently exempting South Korea from the new 25% tariff of the 70% of steel that South Korea exports to the United States annually.

]]>214740Uber is Selling All of Its Business in Southeast Asia to Grabhttp://newscult.com/uber-is-selling-all-of-its-business-in-southeast-asia-to-grab/
Mon, 26 Mar 2018 14:30:42 +0000http://newscult.com/?p=214616Uber is backing out of Southeast Asia, opting instead to sell its business in the region to Singapore-based ride-hailing company Grab. Grab will be taking over Uber’s ride-sharing within the eight Southeast Asian markets in which they are operational. In doing so, Grab will also be taking over Uber Eats in the area. Obviously, this […]

Uber is backing out of Southeast Asia, opting instead to sell its business in the region to Singapore-based ride-hailing company Grab. Grab will be taking over Uber’s ride-sharing within the eight Southeast Asian markets in which they are operational. In doing so, Grab will also be taking over Uber Eats in the area.

Obviously, this isn’t just a momentous act of philanthropy on Uber’s part; they have to get something out of the deal. According to Bloomberg, Uber will receive around 25% to 30% equity in Grab as a result of the deal.

The move comes just a couple of months following Japanese holding company Softbank became a long-term shareholder in Uber. This is not likely to be a mere coincidence, as Softbank has reportedly urged Uber to consolidate their business in emerging markets, including Southeast Asia.

Exactly why Uber decided to sell to Grab is still unclear. There was potential of gaining upwards of 600 million consistent customers in Southeast Asia, so it’s not like they couldn’t be successful in the region and decided to pull out before things got bad. At least, it doesn’t seem that way; maybe Uber knows something we don’t.

]]>214616Walmart is Filing a Bunch of Tech-Related Patents to Turn Their Stores Into Futuristic Shopping Havenshttp://newscult.com/walmart-is-filing-a-bunch-of-tech-related-patents-to-turn-their-stores-into-futuristic-shopping-havens/
Fri, 23 Mar 2018 18:15:07 +0000http://newscult.com/?p=214447According to Gizmodo, Walmart is filing for a bunch of patents to help improve their shoppers’ experiences as they trudge down the aisles, looking for the biggest bargains. One of these patents suggests a sort of sensing device to more or less turn Walmart’s carts in smart carts. They’d be able to communicate with your smartphone, […]

According to Gizmodo, Walmart is filing for a bunch of patents to help improve their shoppers’ experiences as they trudge down the aisles, looking for the biggest bargains.

One of these patents suggests a sort of sensing device to more or less turn Walmart’s carts in smart carts. They’d be able to communicate with your smartphone, perhaps to help steer you in the direction of the items you’re looking for. There are a few patents for managing and sensing inventorylevels in the works as well. In addition, perhaps the most unusual/creepy patent Walmart’s going for is one that tracks users through wearables.

A patent for shopping-assistant drones is also being filed by Walmart. The drones would be able to sync up with a user’s smartphone in order to “provide assistance to the user in the form of price verification or navigation assistance.”

Finally, Walmart is also filing for two patents related to autonomous technology. One of these is a system of sensors, a communication interface, and a processor used to automatically gather information about vehicles used to transport their items. The other describes methodology used for detecting items in a container.

This is all pretty exciting stuff for Walmart shoppers (if you’re into that sort of thing), but it’s tough to tell if any of these patents will actually be granted to the massive retail chain. And even if they do, how this technology will work out when physically put into everyday usage at their locations is an even bigger question.

]]>214447Venezuela Had Russia’s Help in Launching Its Cryptocurrencyhttp://newscult.com/venezuela-russias-help-launching-cryptocurrency/
Thu, 22 Mar 2018 12:30:07 +0000http://newscult.com/?p=214059Russia doesn’t seem to be taking U.S. sanctions too seriously, guys. In late February, Venezuela began offering the petro, the world’s first state-backed cryptocurrency, which is tied to the country’s oil reserves. As it turns out, however, Venezuela isn’t the only player involved in Petro: Russia is, too. A new report by TIME found that the petro […]

In late February, Venezuela began offering the petro, the world’s first state-backed cryptocurrency, which is tied to the country’s oil reserves. As it turns out, however, Venezuela isn’t the only player involved in Petro: Russia is, too.

A new report by TIMEfound that the petro wasn’t just the brainchild of Venezuelan president Nicolás Maduro; rather, it is the result of a “half-hidden joint venture” between Venezuelan and Russian officials and businessmen.

The stated purpose of the cryptocurrency is to raise money for the Venezuelan government – President Maduro hopes to raise $6 billion from petro sales. But, according to sources, the real purpose is to help Russia skirt U.S. sanctions. An executive at a Russian state bank told TIME that the Kremlin was heavily involved in the development of the petro, and that Russian President Vladimir Putin personally signed off on the project.

Apparently, Russia had an idea to create a crypto version of the ruble, but economic advisers at Russia’s central bank warned that doing so might destabilize the value of the ruble itself. So, rather than take all the risk, Russia is using Venezuela as a guinea pig for their idea; if it’s successful, it will make it that much more difficult in the future to enforce sanctions on foreign countries.

In response, Treasury Secretary Steven Mnuchin released a statement:

President Maduro decimated the Venezuelan economy and spurred a humanitarian crisis. Instead of correcting course to avoid further catastrophe, the Maduro regime is attempting to circumvent sanctions through the Petro digital currency — a ploy that Venezuela’s democratically-elected National Assembly has denounced and Treasury has cautioned US persons to avoid.

The Trump administration issued an executive order this week that prohibits U.S. citizens from purchasing the petro. As of this writing, the administration has offered no formal statement on Russia’s involvement.

]]>214059Amazon Just Passed Alphabet in Market Valuationhttp://newscult.com/amazon-just-passed-alphabet-market-valuation/
Wed, 21 Mar 2018 20:15:20 +0000http://newscult.com/?p=214007Though its products may be planning some sort of robot uprising that could well end in the collapse of civilization as we know it, Amazon’s stock – literally – continues to rise. At the close of business yesterday, Amazon’s market capitalization hit $768 billion, making it the world’s second-most valuable publicly traded company behind Apple Inc. […]

Though its products may be planning some sort of robot uprising that could well end in the collapse of civilization as we know it, Amazon’s stock – literally – continues to rise.

At the close of business yesterday, Amazon’s market capitalization hit $768 billion, making it the world’s second-most valuable publicly traded company behind Apple Inc. In reaching a new high, Amazon also passed its longtime rival Alphabet – Google’s parent company. Alphabet’s market capitalization was around $763 billion at the close of business yesterday.

While Google and Alphabet still dominate digital advertising, Amazon’s forays into groceries and even health insurance have given investors reason to believe that Amazon is the company of the future. Alphabet is aware of it, too: Google has turned its focus to cloud computing services in order to catch up to Amazon Web Services, and the Google Home is a direct response to Amazon’s Alexa (which will, I remind you, eventually kill us all).

Google’s foothold in the digital advertising space is not guaranteed – Amazon is quickly becoming a top destination for merchants to advertise their goods. Similarly, in the streaming media space, Amazon has created its own streaming media platform (Twitch) to compete with Google’s YouTube.

Of course, both Google and Amazon are still far behind Apple, whose market capitalization is around $890 billion. But Amazon’s market capitalization is outpacing that of its competitors, and with so many new business developments in the pipeline, it’s not inconceivable that Amazon will soon challenge Apple for the title of the world’s most valuable business.